We're short towards 1.1533 | 17 July 2019

Technical observation

As I stated on the Monday’s analysis, GBP has been rallying with an increasing bearish bias and may extend lower, this downward movement is expected since the price did not penetrate above the key level 1.2578 it had previously broken below while retracing but was rejected and while GBP remains below this level I expect a possible surge to the lower side. If you sold this pair at the line 1.2578 as I had recommended, remain in the trade with your take profit at 1.1533 and stop loss at 1.2938 and if the key level 1.1533 is broken with a big red candle wait for a correction and a rejection at it before you continue short with this pair.

Trade recommendation

Remain short with your take profit at 1.1533 and stop loss at 1.2938.